Market Maker Profiting $3 Million from FDUSD Depeg

Since First Digital’s USD-pegged stablecoin, FDUSD, depegged on April 2nd following claims of insolvency by Tron founder Justin Sun, market maker Wintermute has profited from arbitrage opportunities. Wintermute transferred over 75 million FDUSD tokens to First Digital within a day, potentially securing a $3 million gain due to buying the token at a discount during the depeg and redeeming it on a 1:1 basis. This transaction was revealed through blockchain intelligence platform Lookonchain.